Moody's rates China Merchantes bonds A2

Moody's Investors Service said it assigned a definitive A2 rating to China Merchants Land Ltd.'s $500 million 4.021% credit enhanced bonds due 2018.

The bonds are supported by an irrevocable standby letter of credit from the Industrial and Commercial Bank of China (Asia) Ltd. (ICBC Asia, A2/P-1/C-, stable(multiple)).

Moody's said the A2 rating of the bonds is the same as ICBC Asia's senior unsecured debt rating because the bonds are fully supported by an irrevocable dollar-denominated standby letter of credit provided by ICBC Asia.

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